Major markets continuation pattern scenario to DOW 8000 +/- and SPX 800 +/-: e.g. a forecast on the DOW daily chart
Dow 7216.97 after rallying to 7400R (7392.91 HOD). It closed with Gravestone Doji which is a bearish formation suggesting a reversal. Intraday is overbought and was showing negative divergences.
SPY 75.86 after trading to 77.97. SPX 780 target R which is 15.89% rally from the low SPX 666.79. Intraday was overbought at the resistance. A corrective reaction to 74 support, 38% R.T. and reassess.
DOW support at 7000 +/- support near at 38% retracement.
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